While filing for bankruptcy appears to be a complicated and time-consuming process, filing with the help of a bankruptcy attorney in Tulsa, Oklahoma makes it much easier. As professionals in bankruptcy law, they are well versed on all aspects of the bankruptcy filing process and can successfully and consciously advice you on the best approaches for your case. They understand that not all filers are the same and that the kind of bankruptcy chapter you file for, will be highly dependent on your unique circumstances. If you would like to learn just a little more about bankruptcy chapters and financial recommendations, we suggest you stick around before scheduling an appointment with an attorney.
When is it Time to File for Bankruptcy?
Filing for bankruptcy can seem intimidating but it gives those who are struggling for air after practically drowning in debt, a chance to stay afloat and to pay back to their creditors in a manageable and practical way. If you are constantly being harassed by collectors, fear that your paychecks will be garnished, have high medical bills, do not have savings and are recurrently borrowing from family and friends to help cover expenses, we recommend meeting with an attorney to consider the idea of filing for bankruptcy. However, before making up your mind, it’s important that you are well aware of what the process entails and what are some of the bankruptcy chapters that are available to you. According to the United States Courts, “Filing bankruptcy can help a person by discarding debt or making a plan to repay debts. A bankruptcy case normally begins when the debtor files a petition with the bankruptcy court. A petition may be filed by an individual, by spouses together, or by a corporation or other entity.”
Credit Karma outlines the differences between Chapter 7 and Chapter 13 bankruptcy in a way we believe may be useful for potential filers who are trying to determine which bankruptcy chapter is better suited for their situation. “Chapter 7 is an option to consider if you have little to no disposable income. In fact, you’ll have to pass a means test to prove that you can’t afford to pay your debt in order to file. When you have a debt discharged through Chapter 7 bankruptcy, you’re no longer legally required to pay that debt back. That means the money you were paying toward that loan or credit card, for example, can now be used for other things, like household necessities.” There are exceptions however, to the debts that can be discharged in Chapter 7, which is why it’s important that you meet with an attorney before going at it alone. When it comes to Chapter 13, on the other hand, “…it can stop the foreclosure process and give you a chance to catch up on your past-due mortgage payments.” To find out more about the bankruptcy filing process, reach out to the attorneys at the Henson Law Firm.